Tengah and Tampines launches executive condominium sites
Housing and Development Board (HDB), in its capacity of government land sale agent, launched two executive condominiums (EC) sites for sale on November 30, 2023.
Experts predict healthy interest for the site to be available by tender from five or seven developers. The highest bid is between S$680psfppr and S$730psfppr.
Many predict “intense competitiveness” among developers, citing past strong sales for EC site sold in Tengah and Tampines.
ECs located near MRTs are rare. This is likely to attract developers’ interest.
Both land parcels will be leased for 99 years, and they are expected to produce about 560 residential units.
Plantation Close in Tengah is home to the first site. It covers a total of 20,038.2 m2. It has a maximum floor area of 56.107 sq m.
Experts predict that Plantation Close, on the other hand will draw between seven and ten bidders. The highest price expected is S$670 up to S$700 for a psf per ppr. Though strong demand will be anticipated, the current maximum income and loan amount will impact the price quantum potential buyers can afford.
The public tender for this site, which was launched on the confirmed H2 list 2023 for the GLS Programme for sale through public tender at 12pm on February 1, 2020 will close. This site will close in tandem with Orchard Boulevard, which the Urban Redevelopment Authority launched for public sale on Oct 17, 2023.
HDB has more details about both land parcels. Electronic developers’ packs, which contain the conditions of tender and details for each site, are for sale at URA.
In June an EC plot at Plantation Close sold at a rate S$703 for each square foot and per plot ratio. Hoi Hup Realty (the seller) and Sunway Developments (the buyer) paid S$348.5million to acquire the site.
The latest site for sale is right next to one that was just sold.
The second site is situated at Tampines. It covers a site area spanning 22,492 sq. m. with a GFA maximum of 56.230 sq. m.
This site is now available to apply for in the H2-2023 GLS reserve list.